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Silence Therapeutics Announces Subscription and Open Offer to Raise up to £5.7 Million
Date:7/11/2012

STATES.

Silence Therapeutics plc

("Silence" or the "Company")

Subscription and Open Offer of New Ordinary Shares

The Board of Silence is pleased to announce a Fundraising of up to £5.7 million (before expenses) through the issue of up to 840,000,000 New Ordinary Shares by way of a Subscription at 0.5 pence per Ordinary Share to certain investors and Directors and up to a further 100,019,847 New Ordinary Shares to be issued through an Open Offer at 0.5 pence per New Ordinary Share and the issue of a Convertible Loan Note of £1 million.  The Issue Price represents a discount of approximately 44 per cent. to the price of 0.89 pence per share, being the Closing Price of the Company's Ordinary Shares on 11 July 2012.  The Company also announces that it has entered into a £10 million Equity Finance Facility ("EFF"), conditional upon Admission, with Darwin Strategic Limited, a subsidiary of Alphagen Volantis Fund ("Henderson") part of the fund management group Henderson Global Investors ("Darwin").

The Fundraising is conditional, inter alia, upon the passing by Shareholders of certain Resolutions at the General Meeting (and is subject to the effect of the Share Capital Reorganisation).

The total amount that the Company could raise under the Fundraising is £5.7 million (before expenses), assuming all the Open Offer Entitlements are taken up.  The Subscription, the Open Offer and the Convertible Loan Note are not underwritten.

The circular (the "Circular") relating to the Subscription and Open Offer will be posted to shareholders today.  The Circular contains a notice of general meeting to approve, inter alia, the Subscription and Open Offer which will be held at the offices of Covington & Burling LLP, 265 Strand, London, WC2R 1BH at 10.00 a.m. on 31 July 2012.

The Circular will soon be available to view on the Company's website (
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SOURCE Silence Therapeutics Plc
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